CRE Midwest

KeyBank provides three loans for 39-facility self-storage portfolio

KeyBank provides three loans for 39-facility self-storage portfolio,ph01

KeyBank Real Estate Capital has provided three loans in two separate transactions for a SmartStop self-storage portfolio totaling 39 facilities and 24,181 units in 12 different states across the United States.

A $90 million, non-recourse loan was secured by 29 SmartStop facilities totaling 17,283 units located in California, Colorado, Florida, Illinois, Indiana, Maryland, Nevada, North Carolina, Ohio and Texas. The floating-rate loan is structured with a five-year interest only term and will be used to refinance existing debt. Concurrently, the sponsor received a $27.5 million mezzanine loan.

An additional $104 million, non-recourse loan was secured by 10 SmartStop facilities totaling 6,898 units, located in California, Florida, Massachusetts, Nevada and South Carolina. The fixed-rate loan is structured with a 10-year interest only term and will also be used to refinance existing debt.

Randy Martin of Key’s Commercial Mortgage Group arranged the loans.